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DPA (Down Payment Assistance)
Down Payment Assistance (DPA) Loans help homebuyers with limited savings by covering part or all of the down payment through grants or forgivable loans or repayable loans. Many DPA programs are designed for first-time homebuyers or low-to-moderate-income families, making homeownership more accessible by reducing upfront costs. These programs can significantly lower the barrier to buying a home, helping qualified buyers secure financing without needing a large down payment. If you’re looking to buy a home with little to no money down, explore DPA options to see how they can help you achieve homeownership.
A Reliable Home Loan You Can Trust.
Reduced Upfront Costs
Helps cover your down payment and, in some cases, closing costs.
Accessible for First-Time Buyers
Designed to support individuals entering homeownership for the first time.
Forgivable Loan Options
Many programs offer loans that don’t require repayment if you meet certain conditions, such as staying in the home for a set number of years.
Combines with Other Loan Programs
Works well with FHA loans to make homeownership even more attainable.
Loan Guidelines
If your details are near these guidelines, we encourage you to apply or reach out. Even if you don’t qualify for a 30-year fixed-rate mortgage, we may have other options available.
The Home
Purchase a new home or refinance your current mortgage.
Credit Profile
A credit score above 620 is typically required.
Debt-to-Income
Your debt-to-income ratio (DTI) should be under 50%.
Closing Costs
Along with your down payment, you’ll need sufficient funds to cover closing costs.
Explore Your Potential
Our calculators help you understand and visualize your options
Mortgage Calculator
Planning to buy a home? Calculate your estimated monthly payments, including taxes and insurance.
Refinance Calculator
Considering refinancing your mortgage? Find out how much you could save.
Frequently Asked Questions
Have questions? We’ve got answers! Explore our FAQ section to find helpful information about loans, refinancing, and more. If you don’t see what you’re looking for, feel free to contact us—we’re here to help!
Who are DPA loans best for?
Down Payment Assistance (DPA) loans are best for first-time homebuyers, low-to-moderate income borrowers, or anyone needing help covering their down payment. They’re a great option for those who qualify for additional financial support to make homeownership more accessible.
How do DPA loans work?
DPA programs provide grants, repayable loans, or forgivable loans to cover part or all of your down payment and sometimes closing costs. These programs are typically offered by state or local housing agencies, nonprofit organizations, or employers, but also private lenders. Eligibility often depends on income, location, or first-time buyer status.
What are pros and cons of a DPA loan?
Pros:
- Reduces or eliminates the need for a large down payment.
- Makes homeownership accessible for those with limited savings.
- Many programs offer forgivable loans that don’t need to be repaid.
Cons:
- May come with income or location restrictions.
- Can increase upfront paperwork and processing time.
- Some programs require repayment if conditions aren’t met or higher rates.
Can DPA Loans be combined with other mortgage types?
Yes, DPA loans are often used alongside FHA loans to further reduce the financial burden of buying a home.